Canada – The economy shrank 0.1% in April

Canada’s economy shrank by 0.1 per cent in April as a large drop-off in the value of domestically made goods wasn’t offset by a slight increase in output from the service sector.

Statistics Canada said Tuesday that the economy has contracted every month this year.

The goods-producing sector contracted by 0.8 per cent. The service sector, meanwhile, expanded by 0.3 per cent.

Oil and gas extraction fell by 3.4 per cent, the data agency said. Mining and quarrying was down by the same amount.

“The oil shock continues to reverberate through the Canadian economy, in all its various forms,” BMO economist Doug Porter said of the numbers. “The economy as a whole has only managed to grow by 1.2 per cent in the past year, with the resource sector alone carving 0.7 percentage points from annual growth.”

Chosen excerpts by Job Market Monitor. Read the whole story at Canada’s economy shrank 0.1% in April, Statistics Canada says – Business – CBC News.

 Source: Real gross domestic product edges down in April.